Advising the Advisers
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FINANCIAL ADVISERS AND THE PSYCHOLOGY OF THE ADVISED
Your future self wants you to save, a series of rather labor-intensive studies carried out by Hal Ersner-Hershfield (pictured), Dan Goldstein, and Russ Smith suggest.
Shlomo Benartzi (UCLA), Nick Barberis (Yale), Kent Daniel (Columbia), Dan Goldstein (Yahoo and London Business School), Noah Goldstein (UCLA), John Payne (Duke) and Richard Thaler (Chicago) make up the Academic Advisory Board of the Allianz Global Investors Center for Behavioral Finance. Based on interviews with this set, the Center has released a white paper entitled “Behavioral Finance in Action Psychological challenges in the financial advisor/client relationship, and strategies to solve them“. It is basically advice for financial advisers, written with the conviction that if advisers know more about psychology, they’ll be able to provide better advice.
The paper, available at the Center’s Web site, was recently highlighted in a New York Times article, The Benefits of Telling the Ugly Truth by Jeff Sommer.
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May 3, 2011 @ 1:37 pm